DISAGGREGATE EVIDENCE ON PRICE STICKINESS AND IMPLICATIONS FOR MACRO MODELS

We use the methodology applied at the aggregate level by Gali and Gertler (1999) to analyze price and cost data for U.S. six‐digit North American Industry Classification System (NAICS) industries. Industries with price adjustment periods of at least 6 quarters generate no more than about 43% of total sales of industries we analyze. Industries with estimated price adjustment speeds of less than a year generate at least 44% of sales. Our conclusion is that disaggregate U.S. data provide as much support in favor of relatively high price flexibility as they do for the assumption of widespread price stickiness utilized in many modern macroeconomic theories. (JEL E31, L16)     

A Century of Families under Supervision in the Netherlands

Correspondence to Frits van Wel, Universiteit Utrecht, Faculteit der Sociale Werenschappen, vakgroep Algemene Sociale Wetenschappen, Heidelberglaan 2, 3508 TC Utrecht, the Netherlands. Summary This article discusses twentieth-century family policies inthe Netherlands that have involved intensive supervision. Analysisis focused on the sequence of historically specific images offamilies with problems which have guided policies. Recipientsof assistance have been described variously as inadmissible,antisocial, socially ill, unsocial, socially maladjusted, deprived,underprivileged, problem and multi-problem families.     

After Cleveland: a crisis of confidence

SUMMARY. The article argues that social work is experiencing a crisis of confidence about child abuse. This lack of confidence is examined from various points of view; the social work skills needed to work with abused children and their families; the theoretical framework underpinning assessment and intervention; public confidence in social work; the legal processes; and departmental policy and practice. It suggests ways of overcoming the problems associated with the crisis of confidence including increased and better quality training, a more open approach to the community and an acceptance of professional independence     

THE U.S. EMBARGO ACT OF 1807: ITS IMPACT ON NEW ENGLAND MONEY, BANKING, AND ECONOMIC ACTIVITY

For half a century economists have debuted the impact of the Embargo Act of 1807 on the U.S. economy. Using New England bank statistics and the weekly prices of financial assets traded in the Boston market, hypotheses generated by a real business cycle model are tested. The study concludes that the embargo significantly fnfected the levels of real and nominal bunk loans, the real and nominal money stock, and current financial asset yields. Also, increased monetary und banking activity in Maine during the period supports the long-standing hypothesis that the embargo caused an increase in smuggling activity.     

MANAGING PRODUCT RETURNS FOR REMANUFACTURING

Firms are often encouraged to offer environmentally friendly products as a demonstration of corporate citizenship. However, this may prove to be an unrealistic expectation since a rational firm will only engage in profitable ventures; those that increase shareholder wealth. We develop a framework for analyzing the profitability of reuse activities and show how the management of product returns influences operational requirements. We show that the acquisition of used products may be used as the control lever for the management and profitability of reuse activities. These activities, termed product acquisition management, affect several important business decisions. First, if a firm is to pursue reuse activities, these reuse activities must be value‐creating. Second, if a firm is to compete by offering remanufactured products, then we show how product returns management influences the overall profitability of such activities via a trial and error EVA approach. Third, we show how operational issues are strongly affected by the approach used to manage product returns. There is a need for future research specifying the mathematical relationship between acquisition price and the nominal quality of the returned product.